主线切换，科技医药迎主升浪！

Market Overview - The stock market exhibited a volatile and differentiated pattern on July 28, with major indices showing mixed results. The cyclical sector, which performed strongly last week, experienced a pullback, while the technology and pharmaceutical sectors acted as a "dual engine" for growth [1][2]. A-Share Market Performance - The Shanghai Composite Index opened higher but experienced a decline, closing down 0.17% at 3587.69 points. The Shenzhen Component Index fell by 0.16%, while the ChiNext Index rose by 0.1%, indicating resilience in growth sectors. The STAR 50 and Northbound 50 indices dropped by 0.27% and 0.38%, respectively, highlighting significant structural characteristics in the market. The total trading volume reached 1.14 trillion yuan, maintaining a high level of market activity [1]. Sector Performance in A-Shares - The technology and pharmaceutical sectors formed a "dual engine" for growth, with the PCB concept surging due to technological breakthroughs and AI hardware demand. New materials like PEEK also saw gains, driven by innovations from Shanghai's AI laboratory and Tesla's robotics progress. The defense and military sector rose by 1.07%, reflecting investor interest in policy-sensitive themes. The pharmaceutical sector showed multiple points of growth, with leading innovative drug companies benefiting from major collaborations, while antibiotic stocks also gained, indicating improvements in the industry fundamentals and policy support [2]. Hong Kong Market Performance - The Hong Kong market mirrored the A-share market's sectoral differentiation. The financial index rose by 1.14%, with the Hang Seng Insurance Index leading with a 2.17% increase, reflecting a preference for undervalued financial assets. The pharmaceutical and biotechnology sector surged by 3.14%, with the Hang Seng Shanghai-Shenzhen-Hong Kong Innovative Drug 50 Index rising by 1.85%, highlighting investor focus on pharmaceutical R&D breakthroughs and policy benefits [3]. Overall Market Sentiment - The current market is characterized by "high-level fluctuations and structural rotation," with continued inflow of incremental capital suggesting limited adjustment space. The driving logic includes clear messages from patent releases, conference catalysts, and order benefits. Following a cooling in cyclical stocks due to policy adjustments, capital has accelerated into technology growth sectors, with sustained activity in innovative drugs and financial stocks reflecting a consensus on policy support and fundamental improvements [3]. Strategic Insights - Short-term operations should focus on capital movements, paying attention to active trading and policy-driven opportunities in financial and pharmaceutical sectors. In the medium term, the focus should be on long-term benefits from industrial transformations, particularly in the broad technology field (AI computing power, robotics, digital economy), new consumption sectors (AI hardware, segmented consumption upgrades), and non-ferrous metals benefiting from domestic substitution, demand recovery, and "anti-involution" policies [4].